Euclid acquires lakefront property

Euclid's plan for lakefront development is now getting put into action as City Council approved the acquisition of four parcels of lakefront land at Monday's meeting.

The parcels, all located on the 24000 block of Lake Shore Boulevard, were acquired from the K&D group. Two of the parcels were donated by the property management company.

Council President Kirsten Holzheimer Gail thanked the company for its cooperation in helping the city fulfill its plan.

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"It's a good day for lakefront development," Gail said.

The city will pay $470,000 for the other two parcels. Although it wasn't free, Councilman Daryl K. Langman was quick to point out how much money the city saved on the deal, thanks to diluted property values.

"Because of current market conditions, we are seeing a substantial savings over the original purchase price," Langman said.

Economic Development Director Frank Pietravoia said K&D purchased the land, which totals about 2.24 acres, for about $530,000.

The two donated parcels make up about 1.6 acres. Pietravoia said an estimate from the Cuyahoga County Auditor's Office valued the land at about $350,000.

Until the city begins any physical construction on the land, the K&D group will maintain the property. Also, while there is a mortgage on the property, it will be the responsibility of the K&D group, not the city, to continue paying it.

Pietravoia said the only possible immediate cost to the city would be any necessary surveying or environmental assessment, which he said is unlikely.

"I don't believe we'll have to do any updating of the parcels," he said.

Because they spent less on the land than expected, the city still has $75,000 worth of state grants it can spend on lakefront projects.

Even so, city leaders are heeding the recommendation from JJR, the Madison, Wis.-based consulting firm that helped the city develop its plan. The company suggested Euclid continue seeking funds so it can move on with the project.

At Monday's meeting, council unanimously voted to apply for a Coastal Management Assistance Grant worth up to $100,000 if approved by the Ohio Department of Natural Resources.

If approved, the grant would require a match by the city. However, Pietravoia said the money the city has saved would easily account for any match it may have to provide.

"There's no risk involved because the dollars we would save on this would more than cover the match," he said.